TCRLA_Public/160203.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

            Wednesday, February 3, 2016, Vol. 17, No. 23


                            Headlines



A R G E N T I N A

EMPRESA DISTRIBUIDORA: Moody's Raises CFR to Caa2; Outlook Pos.


B R A Z I L

BRAZIL: Deficit, Stimulus Show Growth Challenges Says Fitch
BRAZIL: Olympic Costs Up Another $100 Million on Electric Bills
OAS GROUP: Brookfield Asset Withdraws Offer to Buy Invepar Stake
USINAS SIDERURGICAS: Sticks With Plan to Cut 4,000 Jobs at Mill


C A Y M A N  I S L A N D S

CATALIX CAPITAL: Members Receive Wind-Up Report
COPELLA INVESTMENT: Shareholders Receive Wind-Up Report
COPELLA MASTER: Shareholders Receive Wind-Up Report
COPELLA OFFSHORE: Shareholders Receive Wind-Up Report
CQS CAPITAL: Members Receive Wind-Up Report

CQS SELECT FEEDER: Members Receive Wind-Up Report
CQS SELECT MASTER: Members Receive Wind-Up Report
CRYSTAL FUND: Shareholders Receive Wind-Up Report
MCGRAW-HILL: Shareholder Receives Wind-Up Report
NEOTERIC LIMITED: Shareholders Receive Wind-Up Report

PERSISTENT EDGE: Members Receive Wind-Up Report
PINK GINGER: Shareholder Receives Wind-Up Report
PRIVATE EQUITY: Shareholders Receive Wind-Up Report
PROYA INTERNATIONAL: Members Receive Wind-Up Report
SAB OVERSEAS VI: Shareholders Receive Wind-Up Report

SAB OVERSEAS VII: Shareholders Receive Wind-Up Report
TFO POOLING I: Shareholders Receive Wind-Up Report
VALORA INVESTMENT: Members Receive Wind-Up Report


M E X I C O

COBRE DEL MAYO: Fitch Cuts Issuer Default Rating to 'RD'
CONTROLADORA MABE: Fitch Affirms 'BB+' Issuer Default Ratings
MEXICO: Fitch Says Oil Drop Will Hurt Locals Less Than 2009 Bust


P E R U

INRETAIL CONSUMER: S&P Revises Outlook to Stable & Affirms BB+ CCR


P U E R T O    R I C O

PUERTO RICO: Faces Prospect of Financial Control Board
SPANISH BROADCASTING: BlackRock Holds 5.2% of Class A Shares


U R U G U A Y

ACI AIRPORT: S&P Affirms 'BB+' Rating; Outlook Remains Stable


X X X X X X X X X

YAHOO! INC: Shutting Offices in Mexico, Argentina to Trim Costs


                            - - - - -


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A R G E N T I N A
=================


EMPRESA DISTRIBUIDORA: Moody's Raises CFR to Caa2; Outlook Pos.
---------------------------------------------------------------
Moody's Latin America has upgraded Empresa Distribuidora Norte
S.A. (Edenor) Corporate Family Rating and debt ratings to
Caa2/Ba2.ar from Caa3/Caa3.ar.  The rating outlook is positive.

This rating action concludes the review initiated on this issuer
on Nov. 4, 2015.

                         RATINGS RATIONALE

The upgrade takes into consideration the the ratification of a
number of supportive measures announced by the new government in
addition to some positive measures taken by the former
administration towards the federally regulated electric utilities.
Those measures included Resolution 32/2015 wherein the former
Energy Secretariat in March last year took steps that produced
significantly better margins for the company during 2015, through
the transfer of cash funds by the government instead of an
increase in tariffs paid by consumers.  For the nine months ended
September 30, 2015, Edenor received funds from the government for
an amount of ARS 3.8 billion .  Those funds allowed Edenor not
only to cover its increased operating costs but also to make
regular payments to Cammesa for the energy it acquired to
distribute to its customers.  Before Resolution 32, Edenor was not
able to cover its operating costs or pay the monthly bill from
Commesa for the electricity delivered.

On Jan. 28, 2016, the newly created Ministry of Energy and Mining
(ME&M) that replaced the former Energy Secretariat, enacted
Resolution 7/2016 which basically incorporates the funds
previously provided by Resolution 32 into higher tariffs to be
paid by consumers, therefore eliminating the transfer of funds
from the government to all federally regulated distribution
companies and establishing a more reasonable tariff regime where
consumers (instead of the government) pay for their electricity
consumption.  Resolution 7 also eliminates many of the other
intricate mechanisms that were put in place by the former
administration to provide distribution companies with some
financial relief given their unwillingness to make any tariff
adjustment despite the steady erosion of cash flows and operating
margins that were exacerbated by high rates of inflation.  The
last tariff increase for distribution companies goes back as far
as 2006.  Resolution 7 also revokes the PUREE (program for the
rational use of energy that penalized higher levels of electricity
consumption), and the FOCEDE trust (fixed amount charged to
consumers allotted to investments in the electricity network) and
others.  All of these charges presumably will be included into the
new tariff design.

In spite of this clearly positive industry development, a
considerable amount of uncertainty remains in place, which
constrains the ratings.  However, Resolution 7 states that
distribution companies and the regulator (Ente Narional Regulador
de la Electricidad or ENRE) should agree on a mechanism for the
companies to repay the amounts owed to Cammesa.  Edenor's debt
with Cammesa as of September amounted to approximately ARS 3.0
billion and depending upon the terms and tenor of the repayment
schedule of that debt, cash flows could be substantially impacted.
Also, Resolution 7 along with the Energy Emergency decree from
December 1015, require the distribution companies to improve
efficiency and service quality, which will require investments
significantly above recent capital expenditure levels, which will
create additional pressure on Edenor's future cash flow
generation.  ME&M not only increased the tariff for distribution
companies but also significantly increased electricity prices
through Resolution 6/2016 as of January 27, which will likely
result in higher provisions for bad accounts, and amplify the
pressure on cash flows from increased energy losses which will be
now accounted for at much higher prices.  The combination of
higher energy prices and a higher distribution margin will
undoubtedly result in a substantially higher electricity bill for
most consumers which will likely result in a decrease electticity
consumption, with an overall uncertain impact on Edenor's future
profitability.

Nevertheless, the positive outlook acknowledges that the recent
measures taken by the regulatory authorities are directed towards
returning the industry eventually to a state of normalization:
more realistic prices for the energy produced and the cost of
distributing that electricity which will be reflected in the
monthly energy bills that consumers will pay coupled with the
progressive cut to distorting subsidies of the past
administration.  The positive outlook also considers that
Resolution 7 sets a date certain -end of the year- to complete the
long waited integral tariff review (RTI) that will set the basis
for the regulatory regime and tariff reviews going forward.

Liquidity Profile

Considering Edenor's improved cash generation from the increased
tariffs and a comfortable debt maturity profile which primarily
corresponds to the USD 180 million notes, due 2022, excluding the
indebtedness payable to Cammesa, Moody's sees the company's
current liquidity as adequate.  Moody's notes however that
Edenor's debt outstanding is denominated in USD dollars and the
company does not generate any foreign currency.  Moody's do not
expect that a new tariff regime will include any coverage of
foreign exchange exposure and, therefore. it will remain a
significant credit risk.  On the other hand, we also note that
Edenor had historically good access to the capital markets, both
locally and internationally.  Fortunately, this USD debt does not
need to be refinanced until 2022 which provides sufficient time
for the current administration to establish an appropriate
regulatory framework and tariff review track record that enables
to company to readily access the capital markets once again.

                           RATING OUTLOOK

The positive rating outlook incorporates our view that recent
developments will positively impact on Edenor's cash flows and
credit metrics and that the expected year-end review of the
industry regulations and tariff schedules will be supportive for
the company.

                 WHAT COULD CHANGE THE RATING - UP

A rating upgrade will require that the recent resolutions and the
resulting tariff scheme translates into enhanced margins and
operating profits on a consistent basis and cash generation that
is sufficient to fund all of the company's cash needs, including
the Cammesa repayments and the higher capital investment that will
be required to provide adequate service to customers in line with
regulatory requirements.  Quantitatively, an upgrade would require
Edenor to post positive operating income and positive free cash
flow along with indications of future regular adjustments of
tariffs to incorporate increased costs would also be important
consideration for an upgrade of the ratings.

               WHAT COULD CHANGE THE RATING -- DOWN

In light of the positive rating outlook and recent positive
announcements for the electricity industry, near-term prospects
for the rating to be downgraded are limited.  However, if the
recent announcements prove to be insufficient for the company to
reverse its past operating losses or to improve its cash
generation capability, the rating outlook could be stabilized.

Empresa Distribuidora Norte S.A (Edenor), headquartered in Buenos
Aires, Argentina, is the country's largest electricity
distribution company in terms of number of clients and revenues.
Edenor is indirectly controlled by Pampa Energia S.A. (not rated),
the largest fully integrated electricity company in Argentina.
Edenor's direct controlling shareholder, Electricidad Argentina
S.A. (EASA), is a wholly indirectly owned subsidiary of Pampa
Energia.


===========
B R A Z I L
===========


BRAZIL: Deficit, Stimulus Show Growth Challenges Says Fitch
-----------------------------------------------------------
Brazil's 2015 fiscal results and plans to stimulate the economy
highlight the key challenge of stabilizing government debt
dynamics during a recession that is continuing in 2016, Fitch
Ratings says.

The public-sector deficit rose to 10.3% of GDP last year from 6.1%
in 2014, central bank data showed. Gross general government debt
rose 9pp to 66.2% of GDP. These figures are consistent with
Fitch's forecasts when we downgraded Brazil to 'BB+'/Negative in
December.

2016 will be another difficult year for public finances. The
government has yet to implement measures that would allow it to
achieve its target of a public-sector primary surplus of 0.5% of
GDP, from last year's deficit of almost 2%, and neither the
economic nor the political environment are conducive to faster
fiscal consolidation.

"We forecast real GDP to contract by 2.5% this year, and downside
risks from external factors, including low commodity prices,
China's slowdown and external financial volatility, persist.
Depressed domestic confidence, rising unemployment and political
and policy uncertainties are hurting domestic demand. Impeachment
proceedings add to political uncertainty about the government's
ability to legislate for measures to meet its primary surplus
target. Consequently, we believe that debt-to-GDP will continue to
rise during the next two years, exceeding 70% in 2016."

Pressure to dilute austerity amid rising unemployment and economic
contraction may also constrain consolidation.  The government's
BRL83bn ($US20bn) credit stimulus announced does not change our
fiscal projections, as the Treasury is not making additional
transfers to Banco Nacional de Desenvolvimento Economico e Social,
the Brazilian development bank.

"We doubt the recently announced credit stimulus will materially
improve Brazil's growth outlook by boosting lending while the
recession keeps borrowers' demand for credit and banks' risk
appetite low. Previous public credit expansions have yielded
limited growth in dividends, and attempts at publicly-directed
lending may even undermine economic confidence."

The Brazilian central bank decided to hold its benchmark rate at
14.25% on 20 January, partly reflecting its concerns about the
downside risks to growth, which could however mitigate
inflationary pressures. The extent to which policy actions might
compromise plans to meet fiscal targets or reduce macroeconomic
imbalances remains part of our sovereign credit assessment.

The Negative Outlook on Brazil's rating reflect the risk that
policy drift, fiscal slippage, and/or a deeper and longer
recession put more pressure on government debt dynamics. Effective
fiscal consolidation, a recovery in growth and investment, and a
political climate more conducive to structural reform would be
credit positive.


BRAZIL: Olympic Costs Up Another $100 Million on Electric Bills
---------------------------------------------------------------
Sabrina Valle at Bloomberg News reports that the price-tag for
staging the 2016 Olympic Games in Rio de Janeiro has risen another
$100 million, reflecting the cost of electricity generation,
according to details announced by the organizing committee.

The event's estimated costs have reached BRL39.07 billion ($9.8
billion), Globo newspaper said, according to Bloomberg News.
Security at Olympic sites, to be provided by the federal
government, is still excluded from the total figure and would
raise public costs even further, the paper said, Bloomberg News
relays.

Sixty percent of the costs for arenas and sites only built for the
event, including electricity generators, will come from the
private sector, the paper reported, citing Rio Mayor Eduardo Paes.
City, state and federal government will share the other 40
percent, Bloomberg News notes.

Bloomberg News says that games organizers reversed course in
December after first saying that some 10,500 athletes may be
charged for the cost of air conditioning their bedrooms in the
Olympic Village.

The update on potential Olympic costs come at a time of a
deteriorating fiscal outlook for Brazil, as Latin America's
largest economy heads toward the deepest recession in a century,
Bloomberg News notes.  Brazil's currency, the real, plunged 33
percent in 2015, the most among the world's 16 most-traded
currencies, Bloomberg News discloses.

The opening ceremony of the Summer Olympics will take place on
Aug. 5.

As reported in the Troubled Company Reporter-Latin America on
Dec. 21, 2015, Fitch Ratings has downgraded Brazil's ratings:

   -- Long-term foreign and local currency Issuer Default Ratings
      (IDRs) to 'BB+' from 'BBB-', Outlook remains Negative;

   -- Senior unsecured foreign and local currency bonds to 'BB+'
      from 'BBB-';

   -- Short-term foreign currency IDR to 'B' from 'F3'.


OAS GROUP: Brookfield Asset Withdraws Offer to Buy Invepar Stake
----------------------------------------------------------------
Guillermo Parra-Bernal and Tatiana Bautzer at Reuters report that
Brookfield Asset Management Inc. has withdrawn an offer to buy the
24.4 percent stake in Infrastructure Company Invepar held by
Brazil's Grupo OAS SA because Brookfield would not have full
management control of the company, two sources with direct
knowledge of the situation said.

Brookfield failed to reach an agreement with OAS's partners in
Invepar, pension funds Previ, Petros and Funcef, over management
control of the firm, said the sources, who requested anonymity
because of the sensitivity of the issue, according to Reuters.

The report notes that the sale of the stake was key to help OAS
emerge from bankruptcy protection proceedings, days after a
Brazilian judge approved a recovery plan.

Brookfield had offered to pay BRL1.35 billion ($340.83 million)
for the stake in Invepar, the report relays.

As reported in the Troubled Company Reporter-Latin America on
Feb. 1, 2016, Reuters said a Brazilian bankruptcy court upheld a
restructuring plan for embattled engineering conglomerate OAS
Group, paving the way for a slew of asset sales aimed at helping
pay over BRL8 billion ($2 billion) in liabilities.


USINAS SIDERURGICAS: Sticks With Plan to Cut 4,000 Jobs at Mill
---------------------------------------------------------------
Guillermo Parra-Bernal at Reuters reports that Usinas Siderurgicas
de Minas Gerais SA, one of Brazil's largest producers of flat
steel, upheld a plan to halt steel production at its Cubatao mill,
which will mean dismissal of about 4,000 workers, union leaders
said.

The STISMMMEC union, which represents steelmakers around Cubatao,
said a meeting between workers, prosecutors and the company known
as Usiminas did not yield any agreement, according to Reuters.
According to Florencio Rezende de Sa, the union's president, the
dismissals will take place through March 15, the report notes.
The union says that some 4,000 jobs will be lost.

In a statement, Usiminas said that 2,000 jobs directly related to
the work at the plant would be cut, without saying how many
indirect positions would be lost as part of the decision, the
report discloses.  The layoff plan presented to workers includes
benefits that are in excess of those mandated by the law, the
company added, the report relays.

Usiminas, which is closing steel production activities in Cubatao
but maintaining rolled-steel operations, has cited weak prices and
poor demand in Brazil among the reasons behind the mill's
shutdown, the report notes.

The outlook for Brazil's steel industry this year looks "extremely
challenging" and is shaping up to turn out to be worse than
expected, JPMorgan analysts led by Rodolfo Angele said in a client
note, the report relays.

As reported in the Troubled Company Reporter-Latin America on
Jan. 29, 2016, Moody's America Latina downgraded Usinas
Siderurgicas de Minas Gerais S.A. corporate family ratings to Caa1
from B2 (global scale) and to Caa1.br from Ba2.br (national
scale).  The ratings remain on review for downgrade.


==========================
C A Y M A N  I S L A N D S
==========================


CATALIX CAPITAL: Members Receive Wind-Up Report
-----------------------------------------------
The members of Catalix Capital Partners SPC received on Jan. 21,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Nicola Cowan
          DMS Corporate Services Ltd.
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


COPELLA INVESTMENT: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Copella Investment Management (Cayman) Limited
received on Dec. 29, 2015, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Victor Murray
          MG Management Ltd.
          Landmark Square, 2nd Floor, 64 Earth Close
          Seven Mile Beach
          P.O. Box 30116 Grand Cayman KY1-1201
          Cayman Islands
          Telephone: +1 (345) 749 8181
          Facsimile: +1 (345) 743 6767


COPELLA MASTER: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Copella Master Fund SPC received on Dec. 29,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Victor Murray
          MG Management Ltd.
          Landmark Square, 2nd Floor, 64 Earth Close
          Seven Mile Beach
          P.O. Box 30116 Grand Cayman KY1-1201
          Cayman Islands
          Telephone: +1 (345) 749 8181
          Facsimile: +1 (345) 743 6767


COPELLA OFFSHORE: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Copella Offshore Fund SPC received on Dec. 29,
2015, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Victor Murray
          MG Management Ltd.
          Landmark Square, 2nd Floor, 64 Earth Close
          Seven Mile Beach
          P.O. Box 30116 Grand Cayman KY1-1201
          Cayman Islands
          Telephone: +1 (345) 749 8181
          Facsimile: +1 (345) 743 6767


CQS CAPITAL: Members Receive Wind-Up Report
-------------------------------------------
The members of CQS Capital Structure Arbitrage Master Fund Limited
received on Jan. 8, 2016, the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


CQS SELECT FEEDER: Members Receive Wind-Up Report
-------------------------------------------------
The members of CQS Select ABS Feeder Fund Limited received on
Jan. 8, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


CQS SELECT MASTER: Members Receive Wind-Up Report
-------------------------------------------------
The members of CQS Select ABS Master Fund Limited received on
Jan. 8, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


CRYSTAL FUND: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Crystal Fund, Ltd. received on Dec. 29, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


MCGRAW-HILL: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Mcgraw-Hill (Cayman) Limited received on
Jan. 19, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Fides Limited
          c/o Dwight Dube
          The Grand Pavilion, 2nd Floor
          Commercial Centre
          P.O. Box 10338 Grand Cayman
          Cayman Islands KY1-1003
          Telephone: (345) 949 7232


NEOTERIC LIMITED: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Neoteric Limited received on Jan. 11, 2016,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Martin Smith
          Harneys Services (Cayman) Limited
          Harbour Place, 4th Floor
          103 South Church Street
          P.O. Box 10240 Grand Cayman KY1-1002
          Cayman Islands
          Telephone: +971 (0)56 115 0726


PERSISTENT EDGE: Members Receive Wind-Up Report
-----------------------------------------------
The members of Persistent Edge Asia U Fund Ltd. received on
Jan. 21, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Nicola Cowan
          DMS Corporate Services Ltd.
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


PINK GINGER: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Pink Ginger Ltd. received on Dec. 30, 2015, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Elian Fiduciary Services (Cayman) Limited
          c/o Justin Savage
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


PRIVATE EQUITY: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Private Equity Holding Cayman received on
Jan. 4, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Trident Liquidators (Cayman) Ltd.
          c/o Lisa Thoppil
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881
          One Capital Place, 4th Floor
          P.O. Box 847, George Town
          Grand Cayman, KY1-1103
          Cayman Islands


PROYA INTERNATIONAL: Members Receive Wind-Up Report
---------------------------------------------------
The members of Proya International Corporation received on
Dec. 29, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Cao Liangguo
          c/o Maples and Calder, Attorneys-at-law
          P.O. Box 309, Ugland House
          Grand Cayman KY1-1104
          Cayman Islands


SAB OVERSEAS VI: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Sab Overseas Holdings VI, Limited received on
Dec. 29, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Gene Dacosta
          P.O. Box 2681 Grand Cayman, KY1-1111
          Cayman Islands
          Telephone: (345) 814 7765
          Facsimile: (345) 945 3902


SAB OVERSEAS VII: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Sab Overseas Holdings VII, Limited received on
Dec. 29, 2015, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Gene Dacosta
          P.O. Box 2681 Grand Cayman, KY1-1111
          Cayman Islands
          Telephone: (345) 814 7765
          Facsimile: (345) 945 3902


TFO POOLING I: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of TFO Pooling I, Ltd. received on Dec. 29, 2015,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mourant Ozannes
          TFO Manager Limited
          c/o Jo-Anne Maher
          Telephone: (345) 814 9255
          Facsimile: (345) 949 4647
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


VALORA INVESTMENT: Members Receive Wind-Up Report
-------------------------------------------------
The members of Valora Investment Fund SPC received on Jan. 21,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Nicola Cowan
          DMS Corporate Services Ltd.
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877


===========
M E X I C O
===========


COBRE DEL MAYO: Fitch Cuts Issuer Default Rating to 'RD'
--------------------------------------------------------
Fitch Ratings has downgraded Cobre del Mayo S.A. de C.V. (CdM)
ratings as follows:

-- Local currency Long term Issuer Default Rating (IDR) to
    Restricted Default 'RD' from 'C';
-- Foreign currency Long term IDR to 'RD' from 'C';
-- Senior unsecured 10.75% notes due 2018 to 'RD' from 'C/RR4'
    and simultaneously withdraw;
-- Long Term National Scale Rating to 'RD(mex)' from 'C(mex)'.

Fitch's downgrade reflects the CdM's announcement of the
successful completion of the exchange offer, which Fitch considers
as a distressed debt exchange (DDE). Holders of approximately 95%
of the US$217 million senior notes due 2018 elected to participate
in the exchange.

These holders will receive US$113.2 million of new subordinated
PIK notes due 2021. The exchange results in a recovery of
approximately 52% of the principal for holders that elected to
tender their old bonds.

Fitch has simultaneously taken various rating actions to reflect
CdM's post-exchange capital structure and the fundamental outlook
of the company:

-- Local currency Long term IDR to 'CC from 'RD';
-- Foreign currency Long term IDR to 'CC' from 'RD';
-- Long Term National Scale Rating to 'CC(mex)' from 'RD(mex)'.

KEY RATING DRIVERS

CdM's 'CC' IDRs reflect the successful debt exchange, which has
relieved cash flow pressure stemming from high debt service
requirements at a time when copper prices are below CdM's marginal
production cost. The company's new capital structure will allow
for the new PIK notes to be deeply subordinated with the coupon
payment being linked to the copper price. Interest payments will
not begin until the copper price recovers to $2.50/lb.

Fitch expects copper prices of around $2.17/lb in 2016 and
$2.35/lb in 2017. With these prices, CdM is expected to generate
low EBITDA of around $US 3 million in 2016, improving to
approximately $US 35 million in 2017 following the successful
execution of the revised plan for the Piedras Verdes mine.

Fitch expects that if copper prices remain at current levels of
around $2/lb for a prolonged period, the mine may be placed under
care and maintenance until a sustained price recovery occurs. The
ratings continue to reflect CdM's elevated production cost
position in relation to current copper prices.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for CdM include:

-- Copper price of $2.17/lb in 2016;
-- C1 cash cost of around $2/lb during 2016;
-- Copper cathodes sold of approximately 23,000-24,000 tonnes in
    2016.

RATING SENSITIVITIES

Fitch's base case indicates that CdM will likely experience a
continued challenging operating scenario during 2016 due to its
third-quartile cost of production combined with a period of low
copper prices.

A ratings upgrade is considered unlikely during the next 18 to 24
months.


LIQUIDITY

Fitch's base case indicates cash and cash equivalents of between
$US 3 million to $US 5 million in 2016. This amount assumes a
deferral of royalty payments until 2017 and amortisations relating
to capital leases. In addition, under the current indentures, the
company has access to a new Super Senior Facility of $US 50
million. Financial support from shareholders is no longer assumed.
Other debt held by the company mainly relates to related parties
and operating leases that rank senior to the new PIK notes.

Fitch downgrades the following

Cobre del Mayo S.A. de C.V.
-- Local currency Issuer Default Rating (IDR) to Restricted
    Default 'RD' from 'C';
-- Foreign currency IDR to 'RD' from 'C';
-- Senior unsecured 10.75% notes due 2018 to 'RD' from 'C/RR4'
    and simultaneously withdraw;
-- Long-Term National Scale Rating to 'RD(mex)' from 'C(mex)'.

Fitch upgrades the following to reflect CdM's post-exchange
capital structure and the fundamental outlook of the company:

-- Local currency IDR to 'CC from 'RD';
-- Foreign currency IDR to 'CC' from 'RD';
-- Long Term National Scale Rating to 'CC(mex)' from 'RD(mex)'.


CONTROLADORA MABE: Fitch Affirms 'BB+' Issuer Default Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed Controladora Mabe, S.A. de C.V.'s
(Mabe) issuer default ratings at 'BB+'. The Rating Outlook has
been revised to Positive from Stable.

The revision of the Outlook to Positive reflects Fitch's
expectations of further strengthening of Mabe's credit profile
given recent debt repayment and stronger cash flow generation. It
also reflects the potential for Mabe to increase business
opportunities under a new shareholder structure. Successful
integration with the new owner coupled with expanding positive
free cash flow (FCF) generation and total leverage around 2.5x
throughout the economic cycle would likely lead to an upgrade.
Conversely, lower than expected profitability, negative FCF
generation and gross leverage in the range of 3x would likely
result in the Outlook being revised to Stable.

KEY RATING DRIVERS

Strong Market Position

Mabe holds a strong business position in most of its Latin
American markets. The company has nine manufacturing facilities,
in Mexico, Ecuador, Colombia and Argentina, which allow it to
serve different markets under competitive conditions. Mabe
continues to focus on offering a wide product portfolio under a
multibrand strategy that targets all socioeconomic levels, in
conjunction with the long-term manufacturing and export agreements
with General Electric Co. (GE).

A Potential New Shareholder

In December of 2015, GE announced it had terminated its agreement
to sell its appliances business to AB Electrolux (Electrolux). On
a subsequent announcement earlier this month, GE announced it had
reached an agreement to sell its appliance business to Qingdao
Haier Co., Ltd. (Haier), a large home appliance provider based in
China. The agreement includes GE's 48.4% stake in Mabe and is
expected to face less opposition by U.S. regulatory authorities
than the previous transaction with Electrolux mainly due to
Haier's limited participation in the U.S. market.

The company's ratings have been supported by Mabe's long-term
relationship with GE and the agreements the companies have
established. Mabe has stated that all of its agreements with GE
will be kept once the transaction between GE and Haier closes. It
has also stated that this joint venture with Haier could increase
its export opportunities to the U.S. by reactivating projects
which had stalled during the previous regulatory review process.
Fitch believes a potential transaction would be neutral to credit
quality in the near term.

In Fitch's view, a new partner with a longer-term focus on growing
its appliance business globally could result in higher revenues
for Mabe considering its manufacturing capacity, low-cost skilled
labor force and already established connectivity to GE's U.S.
product distribution network benefiting from Mexico's trade
agreements with the U.S. and logistics infrastructure which
results in lower freight costs and faster delivery times.

Higher Cash Flow Generation

Fitch believes risks in Mabe's operating environment will balance
out during 2016 and the company should continue to post moderately
improving results amid a volatile environment. Positive housing
dynamics in the U.S. --where the company generates about a third
of its revenue--, pricing initiatives in Mexico and Latin America,
and a favorable cost environment resulting from lower metals and
plastics prices should continue to offset low demand for
appliances in South America and weakening foreign currencies in
Latin America.

Mabe's cash flow profitability measured as funds from operations
(FFO) margin has been low since 2010 partly due to multiple
restructuring and reorganization expenses related to the company's
operations in Brazil as well as the relocation of manufacturing
capacity from Canada to Saltillo, Mexico. In addition, weak
conditions in Latin America, including the company's operations in
Venezuela and Argentina, pressured financial performance. Absent
large restructuring charges, Mabe's FFO margin should trend to
levels above 5% in 2016 and beyond from around 4% in 2015 and 3%
in 2014, supporting leverage and liquidity metric strengthening.

KEY ASSUMPTIONS

-- Revenues decline low single digits in 2016 reflecting $US
    strength and resume low-single-digit growth from 2017 onwards.
    Exports to the U.S. and growing volumes in Mexico and pricing
    initiatives across Latin America partially offset relatively
    weak expected demand in South America.
-- EBITDA margins remain above 10% over the next few years.
-- Debt/EBITDA improves slowly over the medium term mostly due to
    higher EBITDA generation.
-- The company does not undertake meaningful shareholder
    distributions; FCF remains positive over the intermediate
    term.
-- All agreements with GE are kept once the transaction for GE's
    appliance business between GE and Haier closes.

RATING SENSITIVITIES

Future developments that may, individually or collectively, lead
to a positive rating action include:

-- Successful closing of the GE appliances transaction and
    subsequent integration of Mabe with Haier, coupled with a firm
    management commitment to maintain total debt-to-EBITDA at or
    below 2.5x in the mid to long term, positive FCF cash flow
    generation, stable profitability and solid liquidity.

Future developments that may, individually or collectively, lead
to a negative rating action include:

-- Large debt-financed acquisitions, deterioration in
    profitability and cash flow generation, competitive and/or
    input cost pressures resulting in the expectation of gross
    leverage levels consistently above 3.5x.

LIQUIDITY

Mabe's liquidity is considered adequate. During the fourth-quarter
of 2015 (4Q15), the company refinanced $US 270 million of
syndicated bank debt with a $US 300 million new syndicated bank
loan. The company used existing cash of $US 95 million as of 3Q15
as well as the incremental borrowing of the new bank loan to repay
its $US 69 million 2015 notes. The company faces no material debt
amortizations until 2018 and 2019 when $US 92 million and $US 573
million-- including $US 481 million of 2019 notes are due,
respectively.

Total debt as of 2015 was $US 781 million composed of $US 481
million of notes due 2019 and bank debt. Mabe's EBITDA for 2015
was $US 264 million resulting in total leverage of 3x.

FULL LIST OF RATING ACTIONS

Fitch has affirmed Mabe's ratings as follows:

-- Foreign currency long-term Issuer Default Rating (IDR) at
    'BB+';
-- Local currency long-term IDR at 'BB+';
-- 7.875% senior unsecured notes due 2019 at 'BB+'.


MEXICO: Fitch Says Oil Drop Will Hurt Locals Less Than 2009 Bust
----------------------------------------------------------------
The recent decline in oil prices will have a smaller impact on
Mexican federal transfers to states and local governments than in
the past, Fitch Ratings says. Structural changes to the federal
funding sources have evolved since the 2009 financial crisis.
However, lower tax revenues coinciding with weaker oil revenues
could pressure some state and local budgets.

The amount of General Sharing Fund (GSF) transfers from the
federal government to the states in the current fiscal year is
forecast at approximately MXN489.8 trillion. GSF makes up almost
three quarters of federal transfers, called Participaciones, to
local and state governments. These transfers are the main non-
earmarked revenue source for states and locals and they are most
often used to service long-term debts.

Federal law requires the GSF transfers to be set at 20% of the
value of Federal Revenue Shares (FRS). FRS is funded by tax and
oil revenues from the federal government. Under the current
federal budget forecast, which uses a $US 50 per barrel (pb) oil
price, FRS would transfer MXN2.4 trillion to state and local
governments. However, the price of oil is sliding well below those
forecasts. According to the Energy Information System, Mexican
crude oil's average price per barrel fell to nearly $US 20 in mid-
January. A similar decline in oil prices preceded the 2009
economic crisis. From 2008 to 2009, the annual average oil price
fell from $US 84.4pb to $US 57.4pb.

Assuming oil prices don't decline below that level and tax
revenues are flat, Fitch expects the amount of GSF transfers to
the states and locals to decline by 4.7% from 2015 level (or 8.9%
below budget). From 2008 to 2009, GSF transferred 15.7% less from
the federal government to states and locals.

GSF could be substantially affected if the fall in oil prices is
accompanied by a decline in tax revenues. This could require the
activation of the States Revenues Stabilization Fund, which
backfills the gap between budget and actual revenues. In September
2015, its total was MXN35 billion.

The funding sources behind FRS have been changed so that it relies
less on oil revenues and more on taxes. In 2008, oil revenues
accounted for 44% of the FRS, while in 2015 that share dropped to
12.7%.


=======
P E R U
=======


INRETAIL CONSUMER: S&P Revises Outlook to Stable & Affirms BB+ CCR
------------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on InRetail
Consumer (IC) to stable from positive.  At the same time, S&P
affirmed its 'BB+' corporate credit and debt ratings on the
company.

The outlook revision reflects IC's somewhat weaker-than-expected
operating andfinancial results due to a slowing economy in Peru,
including lower consumption, which increased competition, and the
depreciation of the Peruvian sol, which hurt the company's cash
flow generation due to its dollar-denominated debt.  However,
during the second half of 2015, IC reduced its exposure to the
dollar through hedges and partial repurchases of its $300 million
senior unsecured notes, which mitigated the latter risk.  S&P
still expects that about 20% of IC's debt will continue to be
exposed to the dollar in 2016, which makes the company more
vulnerable than investment-grade companies that are fully hedged
or have lower or no exposure to the dollar, especially considering
our expectations of a further depreciation on the sol during the
year.  Nevertheless, S&P expects that IC will strengthen its
EBITDA and cash flow generation in 2016 thanks to its solid market
position, a stable same store sales (SSS) growth, and competitive
cost structure, which it can adjust.  Therefore, S&P expects IC's
credit metrics will slightly improve, posting an average of debt
to EBITDA below 3x and FFO to debt slightly above 20% during the
next two years.

The rating on the $300 million senior unsecured notes (outstanding
$180.5 million as of Sept. 30, 2015) is the same as the corporate
credit rating on IC, given that InkaFarma and Supermercados
Peruanos-SPSA, which represent 100% of IC's EBITDA, guarantee the
notes.  Therefore, the notes are pari passu with the rest of the
company's liabilities.  Despite IC's exposure to the dollar, S&P
believes the long term nature of its notes mitigates this risk.
Although excluded from our base-case scenario, S&P don't discard
the possibility of additional hedging strategies or further
repurchases of its notes under more stressed economic conditions.

"Despite Peru's more challenging economy we expect in 2016, our
business risk profile assessment on IC reflects its solid market
position, which should maintain its sound bargaining power with
suppliers, successful merchandising strategy of low prices--
despite possible pressures during the year due to high
competition, especially in its pharmacy segment through
InkaFarma--favorable store locations, and brand positioning.  We
expect IC to maintain an adequate working capital management and
cost structure, as seen in its gross margin of about 30% and
expenses slightly above 20% as a proportion of total sales.
Mitigating factors are our expectations that IC's operations will
continue to be concentrated in the highly fragmented and
competitive retail industry in Peru, although supermarkets and
pharmacies are more resilient in the overall retail industry due
to their non-discretionary nature," S&P said.

S&P's financial risk profile assessment reflects its expectations
that IC will be able to maintain FFO to debt above 20%, despite
its expectation of the sol's further depreciation, thanks to the
company's lower exposure to the dollar and its ability to fund
most of its capital requirements and expansion program with its
own cash flow generation and, to a lesser extent, with debt.

S&P views IC as a core subsidiary for InRetail Peru Corp. (IPC)
because S&P believes the former is a key long-term asset for its
parent, and its strategies and operations are very much aligned
with the latter.  Also, S&P believes IC is unlikely to be sold
because it contributes more than 60% of IPC's EBITDA.

S&P's base-case scenario includes these assumptions:

   -- Peru's GDP growth of 3.5% in 2016 and 4.0% in 2017, compared
      with S&P's expectations of a 2.5% growth in 2015.  These
      rates will support the consumption in the country which,
      along with IC's resilient nature and solid market position,
      will continue bolstering its sales.

   -- Peruvian consumer price index growth near 3% in 2016 and
      2017, down from a 4.4% growth in 2015.  Although S&P don't
      discard higher inflation rates due to the volatility in the
      markets, S&P don't believe they will reach a peak of 7% in
      2008.  Therefore, S&P expects household wealth to remain
      relatively stable, which will support IC's sales especially
      due to its resilient nature.

   -- Supermarkets will continue to be more resilient than
      department stores, although with a lower growth pace.  S&P
      expects the company's pharmacy segment to be even more
      resilient due to its non-discretionary nature, which already
      benefits from IC's strong position in that segment.

   -- SPSA's revenues, which represents about 65% of total, will
      grow between 9% and 10% in 2016 and 2017 due to new openings
      with favorable locations and further benefits from the
      company's remodeling program.  S&P expects this division to
      open about 10 stores in 2015 and the following two years.

   -- InkaFarma's revenues, representing about 35% of total, will
      grow about 10.5% on average in 2015, 2016, and 2017, amid
      the slowing of pharmacies' openings to 50-80 stores in 2016
      and 2017 from about 100 S&P expects in 2015.

   -- IC's revenue growth will be between 9% and 11% in the next
      two years.

   -- EBITDA will improve in 2016 thanks to the good coordination
      with suppliers of SPSA, which represents about 55% of total
      EBITDA, and S&P's expectations that this division will
      continue improving its inventory days.  S&P expects
      InkaFarma's, representing about 45% of total EBITDA, solid
      market position--despite a higher competition in private-
      label product offerings that are more profitable--will allow
      the company to continue benefitting from these products.

   -- SSS growth slightly below the GDP growth pace in real terms
      in the next two years.

   -- Working capital inflows of about PEN45 million in 2016 and
      2017, due to higher accounts payable and improved inventory
      rotation, resulting from the company's efforts to optimize
      its operations.

   -- Capex averaging PEN350 million in 2016 and 2017, versus
      S&P's expectations of about PEN300 million in 2015, to fund
      IC's expansion program.

   -- Debt service payments through dividend payments from
      InkaFarma, due to the latter's low capex needs and,
      consequently, high cash flow available.

   -- No acquisitions.

Based on the above assumptions S&P arrives to these credit metrics
for 2015, 2016 and 2017:

   -- EBITDA margins near 8%, reaching 8.5% by 2017;

   -- Debt to EBITDA below 3x on average;

   -- FFO to debt of slightly below 20% in 2015 and about 23% on
      average in the following two years;

   -- EBITDA interest coverage of 3.5x in 2015 and almost 4x on
      average in 2016 and 2017; and

   -- Negative discretionary cash flow to debt of almost 4% in
      2015 and 2016, and positive 0.2% in 2017.


======================
P U E R T O    R I C O
======================


PUERTO RICO: Faces Prospect of Financial Control Board
------------------------------------------------------
Kasia Klimasinska and Kathleen Miller at Bloomberg News report
that Puerto Rico has been anxious for Congress to address its $70
billion debt crisis, but the island's leaders may not be as happy
with the potential outcome as the investors holding its
securities.

Driving the process are Republicans, who control both chambers and
say the island has proved it's not able to manage its finances and
needs an external authority to ensure it cuts expenses and
deficits, according to Bloomberg News.   Democrats, essential to
passing a bill in the Senate, insist on giving Puerto Rico access
to an orderly, court-supervised process allowing it to cut its
debt, Bloomberg News notes.

"What may pass may be a mixture of both, possibly a control board
with some sort of restructuring access, some leeway in allowing
them to restructure some of their debt," said Shaun Burgess, a
portfolio manager at Cumberland Advisors Inc. in Sarasota,
Florida, Bloomberg News relates.  "The island needs some real
management and structural help and not just the ability to cram
down or restructure their debt," he added.

Officials in Puerto Rico released details of its proposal to
bondholders under which its debt burden would be reduced by 46
percent under a bond exchange, Bloomberg News notes.  That would
entail reducing its tax-supported debt from $49.2 billion to $26.5
billion, with annual debt payments capped at 15 percent of
government revenue, Bloomberg News says.

Bloomberg News discloses that House Republicans are holding a
hearing to explore the case for setting up a Puerto Rico financial
control authority.  One witness scheduled to testify is Anthony A.
Williams, a former mayor of Washington, D.C., who also served as
an independent chief financial officer of the city when it was
overseen by a financial control board established by Congress.

                      'Checks and Balances'

Mr. Williams said in an interview with Bloomberg News that Puerto
Rico would benefit from long-term, transparent financial planning
and that he favors a control board made of people who know and
care about Puerto Rico, including people who've lived on the
island.

"Obviously, checks and balances are good," said Mr. Williams, a
senior adviser at Dentons U.S. LLP. "I think it would serve the
commonwealth well," he added, notes the report.

Bloomberg News relays that some Senate Democrats have suggested
using an energy bill currently being debated on the Senate floor,
S. 2012, as a vehicle for legislation to help Puerto Rico, but
it's not clear there is enough consensus on what, exactly, should
be done.

Senate Republicans led by Orrin Hatch, a Utah Republican who
chairs the Finance Committee, proposed a bill, S. 2381, last year
that would create a control authority but didn't include any
restructuring, Bloomberg News notes.  That proposal was criticized
by the island's non-voting House delegate, Democrat Pedro
Pierluisi, who called the oversight authority plan a "mega-board
on steroids," Bloomberg News relays.

Still, investors favor Hatch's proposal, said Mr. Burgess, who
helps manage $2.45 billion in assets, including $100 million of
the island's insured debt, Bloomberg News notes.

"I like that the bill creates an outside authority that is in a
position to help the island create and, most importantly, stick to
a budget," the report quoted Mr. Burgess as saying.  "One of the
island's problems has been kind of management in itself," Mr.
Burgess added.

                    Skeptical of Bankruptcy

Bloomberg News notes that Mr. Hatch is among the Republicans
resisting Democrats' call to allow Puerto Rico to use Chapter 9 of
the bankruptcy code.  Granting the island access to Chapter 9
would let some of its corporations, such as the power utility or
water agency, enter a court-overseen restructuring process,
Bloomberg News relays.  Mr. Hatch said Congress needs instead to
find "a whole new procedure" for adjusting Puerto Rico's
obligations.

Extending Chapter 9 to Puerto Rico is also opposed by Republicans
on the Senate Judiciary Committee, which oversees changes to
bankruptcy law, notes the report.

"I don't want this to be an extension of Chapter 9 -- that's for
municipalities and that's a bad precedent to set," Senator David
Perdue from Georgia said in an interview with Bloomberg News.  "We
need to protect the creditors and protect Puerto Rico's borrowing
capability long term, those are the two objectives that I have."

House Speaker Paul Ryan, a Wisconsin Republican, and Treasury
Secretary Jacob J. Lew have been pressing lawmakers to find a
solution by the end of the first quarter, Bloomberg News notes.
Puerto Rico's Government Development Bank owes investors $422
million in May and the commonwealth and its agencies need to pay
back $2 billion on July 1, on the heels of an anticipated $923
million negative cash balance in June, Bloomberg News relays.

Governor Alejandro Garcia Padilla delayed tax rebates and payments
to suppliers to pay creditors and began closing about 100 schools
to help balance the fiscal 2015 budget, Bloomberg News discloses.
The island defaulted on some payments in January and last year,
Bloomberg News relays.  No draft of a bill with any compromise has
been released yet.

"We have a lot of discussion about what to do and as long as it
doesn't involve the use of federal tax dollars, I think it is
something we ought to try to figure out some way forward on,"
Senate Majority Leader Mitch McConnell of Kentucky told reporters,
says Bloomberg News. "Exactly what the way forward is at this
point, I'm not sure.  But we certainly agree that it's a big
problem and we need to see what role, if any, we should play in
it."

As reported in the Troubled Company Reporter-Latin America on
Dec. 28, 2015, Moody's Investors Service has downgraded $1.09
billion of Puerto Rico appropriation bonds issued by the Public
Finance Corporation (PFC) to C from Ca, while maintaining other
ratings assigned to the US territory's debt.


SPANISH BROADCASTING: BlackRock Holds 5.2% of Class A Shares
------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, BlackRock, Inc. disclosed that as of Dec. 31, 2015, it
beneficially owns 216,930 shares of Class A common stock of
Spanish Broadcasting, Inc., representing 5.2 percent of the shares
outstanding.  A copy of the regulatory filing is available for
free at http://is.gd/tjcxsQ

                  About Spanish Broadcasting

Headquartered in Coconut Grove, Florida, Spanish Broadcasting
operates 21 radio stations targeting the Hispanic audience.  The
Company also owns and operates Mega TV, a television operation
with over-the-air, cable and satellite distribution and affiliates
throughout the U.S. and Puerto Rico.  Its revenue for the twelve
months ended Sept. 30, 2010, was approximately $140 million.

Spanish Broadcasting reported a net loss of $20.0 million on $146
million of net revenue for the year ended Dec. 31, 2014, compared
with a net loss of $88.6 million on $154 million of net revenue in
2013.

As of Sept. 30, 2015, the Company had $457 million in total
assets, $551 million in total liabilities and a total
stockholders' deficit of $94 million.

                           *     *     *

In November 2010, Moody's Investors Service upgraded the corporate
family and probability of default ratings for Spanish Broadcasting
System, Inc., to 'Caa1' from 'Caa3' based on improved free cash
flow prospects due to better than anticipated cost cutting and the
expiration of an unprofitable interest rate swap agreement.
Moody's said Spanish Broadcasting's 'Caa1' corporate family rating
incorporates its weak capital structure, operational pressure in
the still cyclically weak economic climate, generally narrow
growth prospects (though Spanish language is the strongest growth
prospect) given the maturity and competitive pressures in the
radio industry, and the June 2012 maturity of its term loan
magnify this challenge.

In July 2010, Standard & Poor's Ratings Services raised its
corporate credit rating on Miami, Fla.-based Spanish Broadcasting
System Inc. to 'B-' from 'CCC+', based on continued improvement in
the company's liquidity position.  The rating outlook is stable.
"The rating action reflects S&P's expectation that, despite very
high leverage, SBS will have adequate liquidity over the
intermediate term to meet debt maturities, potential swap
settlements, and operating needs until its term loan matures on
June 11, 2012," said Standard & Poor's credit analyst Michael
Altberg.


=============
U R U G U A Y
=============


ACI AIRPORT: S&P Affirms 'BB+' Rating; Outlook Remains Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' issue-level
rating on ACI Airport Sudamerica S.A.  Outlook remains stable.

The rating reflects S&P's expectation that the project will
maintain adequate operating and financial performance during the
remaining term of the notes.  The projected minimum and average
DSCRs of 1.20x and 2.08x, respectively, reflect ACI's strong
performance.  Particularly, the minimum DSCR metric is projected
for 2018, during which the project would need to make its first
tax payment and highest debt service payment.  ACI currently
defers taxes.

S&P's 'BB+' rating on ACI also reflects these strengths:

   -- Solid traffic performance and fundamentals, as seen in the
      airport's international traffic and revenue growth of 7.2%
      and 5.8%, respectively, in the first nine months of 2015;

   -- Good traffic growth prospects for the next two-three years,
      in line with expectations for the Uruguayan economy, with
      which traffic growth correlates, together with new routes
      and additional frequencies expected for the upcoming few
      years; and

   -- A successful track record of more than 10 years of
      operations.

These are the mitigating factors:

   -- The airport's dependence on traffic growth to generate cash
      flows;

   -- ACI's notes are structurally subordinated to PdS's senior
      notes.  Given that the latter's notes' cash flow waterfall
      doesn't prioritize the expenses necessary to maintain
      operation before any other use of cash flows (debt service
      payment is ahead of operating expenses), S&P assess its
      waterfall score as negative, which lowers the project's
      stand-alone credit profile (SACP) by two notches.


=================
X X X X X X X X X
=================


YAHOO! INC: Shutting Offices in Mexico, Argentina to Trim Costs
----------------------------------------------------------
Brian Womack at Bloomberg News reports that Yahoo! Inc. is
shutting down two offices in Latin America, seeking to trim costs
by scaling back some international operations.

The Web portal will close sites in Mexico and Argentina, while
keeping open offices in Brazil and Florida, according to a
statement obtained by Bloomberg News.

The number of employees affected wasn't disclosed, though the
company said the offices are small, Bloomberg News notes.

"Yahoo is focused on maximizing growth," the Sunnyvale,
California-based company said, Bloomberg News relays.  "Latin
America is an important region for Yahoo and we will continue to
invest in the people and products there," the company added.

Bloomberg News notes that after more than three years of
unsuccessful efforts to revive growth, sales remain in a slump,
and pressure is mounting on Chief Executive Officer Marissa Mayer.

The CEO is set to unveil a new plan to streamline the company's
operations by this week -- one that's likely to include job cuts,
a person familiar with the matter said earlier this month,
Bloomberg News relays.

Yahoo was scheduled to report fourth-quarter earnings on Feb. 2.

Analysts estimate that revenue, minus sales passed on to partners,
declined 20 percent to $948.2 million, Bloomberg News adds.


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

Copyright 2016.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


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